credit crisis
Articles about the financial crisis or "credit crunch" of 2008.
General strike hits France
As the recession begins to bite in France, transport, education and other services are brought to a halt by a national strike demanding action on unemployment and the rising cost of living.
Bloomberg business news reported that France’s rail network, airports and public schools were disrupted today as the country’s eight biggest labor unions called for a one-day general strike.
Reports on crisis: England - Wildcat
Wildcat asked people in several countries to write down observations about social effects of the crisis. The following is a report from London, written in November 2008 with an update at the end.
"The real crisis-effects are only just starting..."
1. What are the social effects of the crisis in your region?
The grand bluff: private profits, social risks
In this 2008 feature for Freedom, published shortly after the first major bank bailout as the recession began to bite, Iain McKay explains the cost of believing big business
With the financial markets in a panic, the calls for bailouts have increased – and the bank of England has responded with a huge rates cut, while Brown has underwritten banks to the tune of billions.
Local government unions submit derisory pay claim
UNISON, Unite and the GMB request a cost of living pay rise for council workers for 2009-10 of just 0.9%.
The unions represent more than one million council staff in England, Wales and Northern Ireland, and the claim covers all grades of workers in local government, from refuse collectors to teaching assistants, parks staff to librarians, and comes as local government unions and employers begin binding arbitration over last year's pay claim.
International developments in airport workers' struggles
As recession and job losses seem imminent, airport staff across the world have been organising to oppose their negative effects.
Air France unions have called for employees to join mass strikes due to take place on January 29. A statement released last night by seven unions including the two biggest ones, the CFDT and CGT, called for employees to demand greater protection for jobs and pay in the face of the current economic crisis.
More protests in China
There have been further protests by workers in China as the economic crisis prompts attacks on conditions, jobs and pay.
On December 28th ground crew at Hong Kong's international airport walked out in a three-hour protest against cuts to announced bonus payments, grounding flights. The 1,000 workers were employed by Hong Kong Airport Services Ltd. The economic crisis was cited as the reason for the attampted clawbacks by company bosses.
Britain heading for 'unemployment bloodbath'
Britain faces an unemployment "bloodbath" in the new year with many tens of thousands of jobs axed in the public and private sectors.
Senior government figures are braced for a dramatic lengthening in dole queues in the first quarter of 2009, as employers delay announcing redundancies until after Christmas.
Thousands of civil servants and town hall workers will share the pain as government efficiency savings bite, while struggling retailers and manufacturing industry are heading for heavy redundancies.
Economic crisis and direct action in Iceland photo gallery, 2008
Images from the social unrest following the collapse of the banking system in Iceland in 2008. More images can be found on flickr here.
Economic crisis and direct action in Iceland
Since early this winter, Iceland has been facing economic crisis. People are getting angry, some of them wanting back the “good old” prosperity, while others and hopefully the majority, are realizing the real cost of capitalism.
The three major business banks have been nationalized, putting their debt on the people’s shoulders. People have been losing their lifelong savings; loans have increased and are getting sky high (and for sure they already were high enough). 200 people lost their job every single day of November and more and more people are facing the threat of losing their houses.
General strike in Italy against government handling of the crisis
Hundreds of thousands of workers downed tools and took to the streets in a four hour stoppage stating "we won't pay for the crisis".
The strike by the General Confederation of Italian workers (CGIL) shut down postal services nationwide, transport services and airports in several cities and many automobile manufacturers, in some of which strikers were joined by members of other unions.
